Field of the Invention
The present invention relates to payment systems and methods, specifically a push-style payment system and method.
Description of the Related Art
Traditional methods for moving payments electronically from a consumer or borrower to a merchant or lender have been carried out under what is described as a “pull” or “grab” model. In this method of transaction handling, the payer gives to the merchant some set of identifying information (credit card number, bank account routing numbers, etc.) along with some form of “authorization” statement. The merchant or lender then uses that information to submit a transaction against the payer's account to “grab” or “pull” the funds.
The payment systems and methods heretofore known suffer from a number of disadvantages as described herein and which one of ordinary skill in the art would be aware of and/or would become aware of upon reading the disclosure found herein.
What is needed is a payment system and/or method that solves one or more of the problems described herein and/or one or more problems that may come to the attention of one skilled in the art upon becoming familiar with this specification.